The "What is Money?" Show cover image

The "What is Money?" Show

The Nature of Money and Bitcoin with Robert Breedlove (WiM363)

Sep 8, 2023
01:19:53
Snipd AI
Robert Breedlove, an expert on the nature of money and Bitcoin, discusses the attributes of ideal money, the origins of money and division of labor, and why Bitcoin is the closest thing to perfect money humans have ever had.
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Podcast summary created with Snipd AI

Quick takeaways

  • Gold coins were recognized by their sound when dropped, signaling their authenticity, highlighting the importance of recognizability in money.
  • Bitcoin's properties align with the attributes desired for a medium of exchange in the 1800s, making it a potential form of money.

Deep dives

Properties of Money and Recognizability

One of the properties of good money is recognizability, where people can trust and verify the authenticity of the money. This is important because if the money is torn or damaged, it becomes difficult to determine its authenticity, leading to hesitation in accepting it. In the past, gold coins were recognized by their sound when dropped, signaling their authenticity. The credibility of money is based on its divisibility, durability, recognizability, portability, and scarcity. These properties determine the usefulness of money in facilitating trade and providing purchasing power.

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